Composition of target market for lemonade

Title

ABC/123 Version X

1

Marketing Lemonade Worksheet

MKT/421 Version 17

1

University of Phoenix Material

Marketing Lemonade

Scenario

Your team is looking for a way to make some revenue as either a for-profit or not-for-profit organization. This organization can market locally, nationally, or internationally, and can be a privately-owned company or a franchised organization. The product that you have decided to sell is lemonade. To make the endeavor work, you will have to define the product that you will be selling (that is some marketable form of this drink) and decide on a target market.

Marketable form of the drink is Hard lemonade (alcoholic lemonade). And our target market is the State of Texas

Your marketing team's mission is to prove the company’s goals will be met by providing research, strategy development, and reasoning why this form of this product is viable In this first half of the project, you will report on the following:

· Target market

· Product’s definition of the target market

· Viable pricing strategy

· Brand's position in the competitive environment

Complete the following

1. Select a company name and determine the real business world industry of operation.

Company Name

Industry of Operation

Tapas Limon

Food and Beverages Industry

2. Describe in no more than 90 words, the new and unique form of lemonade that will be launched by your company.

Tapas Limon is a hard lemonade that is an alcoholic drink. In an effort to be competitive and meet the needs of the market for those who prefer to have an alcoholic drink made with lemonade flavoring, we have developed a refreshing drink and believe it will be welcomed in the adult population. After research and development focusing on taste, quality, and packaging, the company has finally come up with the product, which it now intends to launch soon. This beverage will contain 5% alcohol percentage and will be available all over Texas.

3. Complete the chart in a total of 90 words describing your organization.

Who are they

Industry of Operation

Mission and Values

Differentiation from other organizations

Three entrepreneurs that run a profit business in Texas. Tapas is a company that intends to expand its operation by introducing a hard lemonade on its product offerings.

The company operates in the foods and beverages industry.

Mission- To refresh the world, inspire happiness, create value, and make a difference in the world.

Values- Integrity, quality, accountability, leadership, collaboration, and passion.

· Unique packaging

· Emphasizing friendship and moments of happiness.

· Integrated marketing efforts to reach the target audience

4. Identify the following in no more than 90 words regarding your target market.

Composition of the target market

The target market of the company is the state of Texas. Texas is a huge market for lemonade and believe young men and women (21 & up) will be attracted to our product. Our product will be pleasing to the taste without the harsh or bitter taste of one hundred percent content of alcohol.

Segmentation criteria used in identification

The target market of the company is primarily Businesses that sell alcohol. In addition, we believe equal attraction to this product is set between women and men. It is appealing to the young adults because its sugary, it has lemonade, which is an alcohol-masking flavor and has a high alcohol content.

5. Determine in no more than 90 words how you will define the lemonade to your target market (include information on packaging, labeling, etc.). How will this add value and differentiate the brand and product from the competition while encouraging the target market to buy?

Target Market Definition

Differentiation

The company will define the lemonade to the target market by labeling the nutrition description of the product on the packaging. The alcohol content of the drink will be included, as well as a great label that is likely to catch the attention of the audience.

We will differentiate the brand in the market by using unique packaging. The bottle will have three colors; red, gold, and black to make it easier for the target market to notice the brand easily.

We will also use great marketing skills that emphasize moments of happiness and friendship.

6. Complete the chart in a total of no more than 90 words to compare your company with industry competitors.

Top Business Industry Competitors

Your Company’s Positioning

Mike’s Hard Lemonade

Refresh and Enjoy Tapas Limon Side of Life

Bud Lite Lime-A-Rita

New Holland Spirits

Seth & Riley’s Garage Hard Lemon Drink

7. Define the pricing strategy in no more than 90 words that you will use for the introduction of the product.

The pricing strategy that the company will use in the introduction of the product is market pricing. It entails setting a price based on the market rate used by competitors (Blythe, 2009). In this, the company will set its price by valuing it around the same level of competitors to ensure that it is not too low or too high than what the other value contenders are charging. The approach will help in ensuring that it effectively compete with the significant players in the market.

8. Discuss in no more than 90 words the maturity life cycle stages of your product.

Stage of Maturity Life Cycle

Discussion

Introduction

The year the company introduces the hard lemonade. We will focus on promotion to alert the consumers that a new product will be great and available soon at many venues. The product will be a brand of Texas that will be recognized as a staple alcoholic drink in Texas to enjoy.

Growth

Customers become familiar with the product and begin enjoying the brand hence leading to an increase in sales volume and the company thrives. The company will tweak the product in order to beat or stay ahead from competitors.

Maturity

The longest stage of the product cycle. The company attains the highest demand level, and sales growth starts to reduce since advertising strategies have a less impact on sales growth (Kotler et al., 2012). The company will innovate new flavors and alternate the packaging of the alcohol drink for individual customers or large containers for large groups to enjoy.

Decline

Sales and profits fall in this stage due to the entry of new products in the market and changes in consumer tastes. Hopefully the company will reinvent a new lemonade beverage to keep the business alive.

9. Describe in 90 words how you will use suppliers, agents, or distributors to create your distribution channel.

A distribution channel refers to a chain of intermediaries that a product or service passes before reaching the target customers (Lancaster, & Withey, 2007). The company will select distributors to assist it in ensuring that the hard lemonades reach the target company. In this, after manufacturing, the company will sell the products to the wholesalers/ distributors. The distributors will then sell the products to the retail’s stores such as supermarkets and corners stores, restaurants, nightclubs, cafes, petrol stations, and also the automated teller machines operators. The distribution channel will have a great impact on consumers due to the ease of accessing the product, even in remote areas.

References

Blythe, J., (2009). Key concepts in marketing. Los Angeles, Calif: SAGE.

Kotler, P., Burton, S., Deans, K., Brown, L. & Armstrong, G. (2012). Marketing eBook. Melbourne: P. Ed, Australia.

Lancaster, G. & Withey, F. (2007). Marketing fundamentals, 2007-2008. Oxford: Butterworth-Heinemann.

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